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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Greenfields Petroleum Corp    GEEPF   KYG409151035

GREENFIELDS PETROLEUM CORP

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Greenfields Petroleum : to obtain new rig for operation in Azerbaijan

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08/15/2019 | 12:16am EDT

The US Greenfields Petroleum Corporation, which is the operator of Azerbaijan'sBahar-Gum Deniz block through its subsidiary Bahar Energy Limited (BEL), plans to obtain a new drilling rig for operations in Azerbaijan, the company told Trend.

"We are currently evaluating various drilling rig alternatives and we hope to contract in Q2 2019. We are planning to drill one new well [at the block] in 2019," said the company.

Greenfields Petroleum Corporation said that Azerbaijan's state oil company SOCAR and BEOC a wholly owned subsidiary of BEL, have approved the plan of operation at the block for 2019.

This plan envisages increasing the gas production from the Bahar field in 2019, said the company.

Moreover, the US company said that it is planned to increase the capital expenditures on the block in 2019.

Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the "ERDPSA") with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate ("SOA") in respect of the offshore block known as Bahar Gum Deniz (the "Bahar Project") which includes the Bahar Gas Field and the Gum Deniz Oil Field.

The Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.

The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.

The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea. The Gum Deniz Oil Field is found along the Fatmai-Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Managers
NameTitle
John W. Harkins President, Chief Executive Officer & Director
Michael John Hibberd Non-Executive Chairman
Norman G. Benson Chief Operating Officer & Senior Vice President
Jose Agustin Perez-Bello CFO, Treasurer, Director & Senior VP
Geir Sagemo Non-Executive Director
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